Blockchain Association Urges Trump to Prioritize Crypto Reform

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Table of Content

In today edition we talk about

• Blockchain Association Urges Trump to Prioritize Crypto Reform in First 100 Days

• South Korea’s Delio Declared Bankrupt, $1.75 Billion in Assets Lost

• State Pension Plans Lead the Way in Crypto Investments, Avoiding Private Fund Constraints

• Texas Considers Strategic Bitcoin Reserve Legislation Amid Growing Interest

Blockchain Association Urges Trump to Prioritize Crypto Reform in First 100 Days

The Blockchain Association has submitted a five-point plan to President-elect Donald Trump, advocating for sweeping cryptocurrency and blockchain regulatory changes during his first 100 days in office. The Washington, DC-based group aims to end the "regulation by enforcement" approach and foster growth in the U.S. crypto sector.

Key recommendations include creating a tailored framework for digital assets, ending the debanking of crypto businesses, appointing a pro-crypto Securities and Exchange Commission (SEC) chair, and introducing new leadership at the Treasury and IRS. The Association also suggests forming a crypto advisory council to collaborate with Congress and federal agencies.

This push comes as Trump’s team reportedly considers a White House role dedicated to cryptocurrency regulation. With Republicans controlling both chambers of Congress, these reforms may have a clearer path to implementation.

South Korea’s Delio Declared Bankrupt, $1.75 Billion in Assets Lost

South Korean crypto deposit platform Delio has been declared bankrupt by a Seoul court, with $1.75 billion in customer assets unrecovered. The company halted withdrawals in 2022 after much of its assets were linked to the now-defunct FTX exchange. Around 2,800 customers are affected, with claims open until February 21, 2025, and a creditors’ meeting set for March 19, 2025.

Delio's legal troubles include a $1.34 million fine and temporary suspension of its business license following allegations of fraud and embezzlement against its CEO, Jeong Sang-ho. Jeong is currently on trial, defending claims that customer deposits were not protected.

Founded in 2018, Delio was the first Korean crypto firm to gain Virtual Asset Service Provider (VASP) status. Its bankruptcy follows the collapse of its sister company, Haru Invest, which also ceased operations and filed for bankruptcy in November 2023 after a series of legal and financial issues.

State Pension Plans Lead the Way in Crypto Investments, Avoiding Private Fund Constraints

State pension plans in the U.S. are increasingly exploring cryptocurrency investments, benefiting from fewer restrictions compared to private pension plans. Unlike private funds governed by the Employee Retirement Income Security Act (ERISA), state plans are not bound by strict fiduciary regulations enforced by the Employee Benefits Security Administration (EBSA), which discourages crypto investments due to volatility and nascent market conditions.

Several state pension funds have already embraced crypto. The State of Wisconsin Investment Board allocated $164 million to Bitcoin ETFs in May 2024. Michigan followed suit with a $6.6 million Bitcoin ETF investment in July and further expanded into Ethereum through Grayscale Trusts in November.

Florida’s CFO, Jimmy Patronis, is actively advocating for Bitcoin to be included in the state’s pension funds, describing it as “digital gold” and a hedge against inflation. Patronis emphasized that cryptocurrency is here to stay and offers resilience against central bank digital currencies.

As state pension funds gain crypto exposure, private plans remain cautious, likely delaying significant capital inflows into the digital asset market until regulatory guidance changes.

Texas Considers Strategic Bitcoin Reserve Legislation Amid Growing Interest

Texas lawmakers are exploring the idea of creating a strategic Bitcoin reserve, according to the nonprofit Satoshi Action Fund (SAF). SAF CEO Dennis Porter revealed during the North American Blockchain Summit on Nov. 21 that discussions on drafting such legislation have begun.

Porter emphasized the potential impact, noting Texas’s significant economic standing as the world’s eighth-largest economy with a $2.4 trillion GDP in 2022. He argued that a Bitcoin reserve could protect against inflation and bolster the state’s Bitcoin mining industry, shielding it from external pressures like price suppression by foreign actors.

Texas is not alone in this movement. U.S. Senator Cynthia Lummis introduced a bill in July proposing a national Bitcoin strategic reserve, while Pennsylvania lawmakers are pushing to allow their treasury to allocate up to 10% of its balance sheet to Bitcoin.

The idea of strategic Bitcoin reserves has gained traction internationally, with Polish presidential candidate Sławomir Mentzen pledging to establish one if elected. Domestically, President-elect Donald Trump has also advocated for a "strategic Bitcoin stockpile," fueling momentum for similar initiatives across states.

Porter likened the potential establishment of Bitcoin reserves to transformative U.S. historical decisions, such as the Louisiana Purchase, and expressed optimism about a growing “race” among states to pass such legislation. "No matter who wins, all of us win," he concluded.

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